Nel Asa Stock Earnings Reports

Nel reported Q1 2026 revenues of NOK 148 million, negative EBITDA of NOK 100 million (an improvement of NOK 15 million YoY), order intake of NOK 85 million and an order backlog of NOK 1.1 billion. Cash stood at NOK 1.4 billion (excluding an expected EUR 11 million EU grant linked to pressurized alkaline industrialization). Alkaline revenues rose 6% YoY while PEM revenues fell 14% due to limited megawatt project deliveries and delays in some U.S. research grant payments. Management has reduced headcount (~26% from peak) and other costs to preserve cash but kept R&D capacity to continue technology development. Key commercial highlights: commissioning of Korea’s first off-grid 10 MW green hydrogen facility (late March) and a repeat containerized PEM order (~$7m PO in April), underscoring momentum in modular/containerized PEM solutions with short delivery cycles (<12 months). The company will commercially launch its next-generation pressurized alkaline platform at Herøya on May 6, 2026, targeting significantly lower CapEx per MW and aiming for 500 MW production capacity by end-2026; next-generation PEM development is ongoing with a prototype stack planned this year and a multi-year timeline to commercialization. Management expects more final investment decisions (FIDs) and improved order intake in 2026 relative to 2025, believes it can stretch current cash if orders are slower, and emphasizes hydrogen’s role for long-duration energy storage and system resilience.